VEDANTA FILES A NOTICE

By Hector Simfukwe:Vedanta Resources Holdings Limited has filed a notice to appear in the winding up petition of Konkola Copper Mines – KCM-.This follows Lusaka High Court judge Annessie Banda Bobo’s refusal yesterday to join Vedanta to the winding up proceedings because it did not follow procedure.The court stated that the joint application should have come by way of notice of intention to appear in a petition.But the petitioner who are ZCCM – IH and respondent -KCM- objected to the application by Vedanta.They argued that there is no stage at which Vedanta can join the proceedings even if it were the majority shareholder of KCM.But lawyers representing Vedanta have made the application so that they can oppose the liquidation of KCM.In this matter ZCCM-IH has asked the High Court to place KCM under liquidation because the company was allegedly being managed in a manner detrimental to its interests.Lusaka lawyer Milingo Lungu was appointed as provisional liquidator of the mining company.But Vedanta which is the majority shareholder applied to be joined to proceedings as a second respondent.The application was however thrown away by the High court yesterday. Post Views: 4
News Source: ZNBC

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